HomeMy WebLinkAbout1416 in companies acceptable to the Board, in amounts equal to the maximum
insurable replacement value as determined annually by the Board. The ~
premiums for such coverage and other expenses in connection with the insur-
ance shall be paid by the Association and deemed a Common Expense. The
company or companies with whom the Association shall place its insurance
coverage as provided in this Declaration must be reputable companies
authorized to do business in the State of Florida. ~
2. Loss Payable Provisions. All policies purchased by the
Association sha11 be for the benefit of the Association, all Owners~and
their mortgagees, if any, as their interests may appear.
3. Surplus. It shall be presumed that the first monies
disbursed in payment of costs of repair and restoration shall be made from
the in~urance proceeds; and if excess proceeds remain after the payment
of all costs of the repair and restoration, such excess shall be distributed
to the Association's General Fund.
4. Plans and Specifications. Any repair or restoration must
substantially conform to the plans and specifications for the original im-
provements, or to plans approved by the Board, which approval shall not be
unreasonably withheld.
5. Such Additional Insurance shall be carried as the Board of
~I Directors may from time to time determine to be desirable.
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6. Each Owner shall be responsible for purchasing at his own
i expense, such additional liability insurance as he may deem necessary
to insure against acc:dents occurring upon his Unit, and for coverage on
his own personal property.
7: Prior to Cessation of Development the Developer shall have all
of the rights and obligations of the Association relating to insurance and
the proceeds thereof.
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